Ongoing drilling continues to build continuity and expand mineralized zones across the seven-kilometre long gold system
VANCOUVER, British Columbia, Oct. 27, 2020 (GLOBE NEWSWIRE) -- Pure Gold Mining Inc. (TSX-V: PGM, LSE: PUR) (“PureGold” or the “Company”), is pleased to announce that ongoing surface exploration drilling near the PureGold Mine continues to establish greater continuity and expansion of gold mineralization with high grade results returned from multiple drill holes targeting both resource upgrades and resource expansion outside the current mineral reserves.1 In addition, underground mine stope delineation drilling has intersected bonanza grades in areas targeted for first ore delivery and gold production from the mine. These latest drill holes confirm the exceptional grades of the gold mineralization in the Wedge resource area, support continuity of high grade gold mineralization across the entire seven-kilometre long gold system, and confirm high grade gold in mine stopes scheduled for early production.
Our underground drilling continues to be extremely successful in delivering on its objective of discovering new gold mineralization, extending mineralization out from planned stopes and confirming stopes planned for near-term production. New grade control drilling has highlighted the potential for bonanza grades in stopes planned for near term production.
Highlights of drilling from underground include:
296.1 g/t gold over 4.9 metres from test hole PGL-0003, including 1,147.1 g/t gold over 1.2 metres;
40.0 g/t gold over 2.2 metres from drill hole PGB-0170, including 94.1 g/t over 0.9 metres;
18.7 g/t gold over 2.8 metres from drill hole PGB-0165, including 65.4 g/t over 0.7 metres;
11.1 g/t gold over 6.7 metres from drill hole PGB-0178.
Additionally, new surface drilling results at Wedge highlight the strong continuity of the high grade gold mineralization, both down plunge and along strike, reinforcing the Wedge as a high priority for resource growth.
Highlights of surface drilling from Wedge:
66.3 g/t gold over 1.0 metre from drill hole PG20-769;
24.3 g/t gold over 1.0 metre from drill hole PG20-775;
20.5 g/t gold over 1.0 metre from drill hole PG20-766;
16.6 g/t gold over 1.5 metres from drill hole PG20-767;
11.4 g/t gold over 2.0 metres from drill hole PG20-773.
Two surface rigs are expected to continue exploration and expansion drilling into 2021 with well over 30,000 meters planned, and underground drilling is expected to continue over the life of the mine.
“Over the last several months our exploration team has been intently working to achieve our objective of growing resources at our high grade discoveries, as well as infill and expansion of stopes that form part of our near-term mine plan,” stated Darin Labrenz, President and CEO of Pure Gold. “Today’s exploration results continue our success at Wedge where we are pushing well beyond the boundaries of our phase I mine plan, demonstrating the high grade nature and growth potential of our large gold system.1 Deep pierce points along the entire seven kilometre trend intersecting the same style of mineralization, geology, alteration and high-grade gold support the opportunity for growth and scalability of the project for the long term. Along with high grade results from underground, our exploration work continues to crystallize this opportunity, providing clear support for the opportunity to grow the PureGold Mine into an iconic Canadian producer in the heart of Red Lake.”
Underground drilling results are from holes designed to further delineate and expand stopes scheduled for near-term production. Core holes were drilled using either an electric hydraulic drill rig drilling NQ size core samples (47.6 mm) or a Bazooka air drill which returned EW size core samples (25.4mm). Test hole samples were obtained using a pneumatic longhole production rig where samples were acquired by collecting the all rock cuttings and sludge from each 1.2 metre drill run.
The test holes were drilled from the hanging wall No. 2 stope, discovered during the 2018 test mining program, to test the lateral and vertical continuity of the hanging wall lens No. 3 which was only partially mined by that program. Bonanza grades, including 1.2 metres grading 1,147.1 g/t gold, were returned from this drilling demonstrating the high grade of this near-term production area.
Surface drilling results reported herein are from the Wedge zone, located less than three kilometres by road south of the PureGold processing facility. The Wedge resources form a southward extension of the same mineral system that hosts the phase I mineral reserves under development defining a key gold mineralized structural corridor that extends over a more than seven kilometre strike length and providing potential for project scalability. Ongoing drilling at Wedge continues to support the strong continuity of high grade gold mineralization in multiple zones.
Drill Results Summary
New underground drilling assay results from select drill holes are outlined below:
*Assay composites were calculated using uncut assays and true widths are interpreted to vary from 80-95% (90%, on average) of reported core lengths above.
New surface drilling assay results from select drill holes are outlined below:
*Assay composites were calculated using uncut assays and true widths are interpreted to vary from 70-90% (80%, on average) of reported core lengths above.
For a complete list of 2020 drill results to date, click link below:
About Pure Gold Mining Inc.
The PureGold Mine, located in the heart of Red Lake, Ontario, is Canada’s next gold mine. Fully funded, the project is on track to deliver near term gold production into a rising Canadian gold price environment, with first gold pour scheduled for late 2020. The orebody is situated within a seven-kilometre-long gold system that is wide open for expansion at depth and along strike, and multiple discoveries by the Company suggest potential opportunities for near-term growth.
1. For further information, see the technical report titled “Madsen Gold Project Technical Report Feasibility Study for the Madsen Deposit Red Lake, Ontario, Canada“ with an effective date of February 5, 2019, and dated July 5, 2019 (the “Feasibility Study”), for further information, available at www.puregoldmining.ca or under the Company’s Sedar profile at www.sedar.com
QA/QC and Core Sampling Protocols
Drill core and test hole samples are submitted to SGS Minerals in Red Lake, Ontario and drill core samples to ALS Minerals in Thunder Bay, Ontario. Surface exploration core samples are sawn with a diamond blade saw and half-core retained for further study. Underground core samples are whole core sampled after being detail logged and photographed. Samples processed at SGS include NQ and EW size whole core samples and test hole sludge samples and are prepared by drying and crushing to 75% less than 2 mm, a riffle split of 250 g, and pulverization of the split to better than 85% passing 106 microns. Gold analysis is completed in the SGS Red Lake lab with a 30 g fire assay and AAS finish (code GO-FAA30V10 for mine samples and GE-FAA30V5 for exploration samples). Mine samples returning >100 g/t Au and exploration samples returning >5 g/t Au are re-assayed with a gravimetric finish (code GO-FAG30V). Mineralized zones with visible gold are also analyzed by a 500 g screen fire assay with screening to 106 microns (code GO-FAS30M). Duplicate 30 g fire assays are conducted on the screen undersize and combined with an assay of the entire oversize fraction.
NQ drill core samples processed at ALS include sample preparation by crushing to 70% less than 2 mm, a rotary split of 1 kg, and pulverization of the split to better than 85% passing 75 microns. Sample pulps are shipped to the ALS assay laboratory in North Vancouver, BC for gold analysis with a 30 g fire assay and AAS finish (code Au-AA23). Samples returning >5 g/t Au are re-assayed with a gravimetric finish (code GRA21). Mineralized zones with visible gold and shoulder samples are also analyzed by a 1 kg screen fire assay with screening to 100 microns.
A duplicate 30 g fire assay is conducted on the screen undersize with assaying of the entire oversize fraction (code Au-SCR21).
Control samples (certified standards and uncertified blanks), along with field, prep and pulp duplicates, are inserted on a regular basis. Results are assessed for accuracy, precision, and contamination on an ongoing basis.
Qualified Persons and 43-101 Disclosure
Phil Smerchanski, P. Geo., Vice President, Exploration for the Company, is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same.
Our mandate is pure and simple. To dream big. To colour outside the lines. To use smart science and creativity to unlock the PureGold Mine in Red Lake, Ontario, Canada. And become Canada’s next iconic gold company.
ON BEHALF OF THE BOARD
Darin Labrenz, President & CEO
Adrian O’Brien, Director of Marketing & Communications
Office: 604-646-8000 x223
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to PureGold within the meaning of applicable securities laws, including, but not limited to statements with respect to those that address proposed timing of development plans for the PureGold Red Lake Mine (RL Mine Project), timing of expected production, timing of exploration activities, expected development schedule, potential for advancing the timing for higher grade ore, potential for additional resources and expansion of known deposits and the focus of the Company in the coming months . Forward-looking information is often, but not always, identified by the use of words such as "seek", “view”, "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licences and permits and obtaining required licences and permits, labour stability, stability in market conditions, availability of equipment, accuracy of any mineral resources, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of PureGold and there is no assurance they will prove to be correct.
Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results at the RL Mine Project; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally; delays in permitting; possible claims against the Company; the timing of future economic studies; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 26, 2020 in the section entitled "Risk Factors", under PureGold’s SEDAR profile at www.sedar.com.
Although PureGold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. PureGold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.